What is a Project?
A project is
complex, unique, one-time effort
limited by time, budget, resources,
And performance specifications designed to meet the objectives
An established Objective
PROJECT MANAGEMENT (PM)
PM is the process of planning and directing
Project from its inception to its completion
Given time, given cost, given end product.
BUT IT MUST BE REMEMBER THAT
All time and cost are based on assumptions made at the original planning.
Actual time and cost would vary from estimated ones because of many internalfactors(Effect individual) and external factor (effects everyone)
Time, cost and scope (boundaries, limit, and coverage) can be traded off against eachother.
Human elements are involved.
PM plans and directs the process of completion of a project to enable it to reach, in the best possible way and with best possible returns, the intended objective of the project.
Inverse relation / Negative correlation